Witnesses at an Internal Revenue Service (IRS) hearing on October 7 raised many concerns about the IRS’s plan to require fingerprinting as part of its return preparer regulation initiative. Patricia Thompson, CPA, , and chair of the AICPA’s Tax Executive Committee, testifying on behalf of the AICPA, asked the IRS to consider alternatives that would reduce the burden and expense, and she reiterated the AICPA’s position that CPAs should remain exempt from the fingerprinting requirement. Read this JournalofAccountancy.com article for more information.

CAQ Releases Results from 5th Annual Main Street Investor Survey

The Center for Audit Quality (CAQ), which is affiliated with the AICPA, released the results of its Fifth Annual Main Street Investor Survey October 13. Since 2007, the CAQ has annually measured individual investors’ confidence in U.S. capital markets, global capital markets, and audited financial information, as well as confidence in investing in U.S. publicly-traded companies. This year, 70% of investors indicated that they have at least some confidence in investing in U.S. public companies. While this represents a decline of five percentage points from 2010, a solid majority of American investors continue to express confidence in these companies. The investing public’s confidence in U.S. capital markets dropped as well, but stands at a solid 61% (down from 68% in 2010). Other survey findings include confidence in audited financial information remains steady, declining one percentage point from 2010 (70% to 69%); and confidence in capital markets outside the United States remains low at only 43% (down four percentage points from last year). Find out more about the Main Street Investor Survey and the results.

Congress designated the third full week in October as National Estate Planning Awareness Week. According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents or untimely death. Use the below resources to help your clients plan for the future.